The unemployment compensation history goes back to the year 1953. The program is extremely helpful to millions of people during the Great Depression who lost their jobs. The stock market collapse in the 29th of October 1929 initiated the United States economy depression. Unemployment benefits served as the cushion to ease the direct impact of the massive job loss. Years later, other economies in the world resorted to insurance compensation in order to support the family of the jobless section of society.

This compensation is intended to fight various social hindrances. Nonetheless, its main purpose is to minimize the negative impact of unemployment. The major objectives include lowering the debt burden, retaining the ability of workers to purchase and keep the experienced and skilled section of the jobless to work with local employers.

Unemployment benefits insurance at a glance are described as transferred payments to people who lost their jobs through no fault of theirs. In general, an individual who registers as unemployed is eligible to receive unemployment benefits compensation. The benefits come from under a para-governmental insurance that is compulsory in nature. Unemployment compensation has benefited thousands of families across the United States of America for many years now.

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